Thanks to the advice and ideas

Discussion in 'Credit Talk' started by creditdog, Sep 16, 2003.

  1. creditdog

    creditdog Well-Known Member

    -from all the information and help in here; my wife and I are now living in our new home. She still doesn't believe it all happened. I know it wouldn't have happened if I did not have the resources and help from creditnet'ers. Thank you all for your help.

    Ironically we have had maybe limited success overall? My wife still has 3 baddies on eqifax, 4 on experian and 1 on transunion. Her eqifax score is now 648, maybe a year ago with 10 baddies her score may have been 500 something?

    In the last year we have traded up in cars to a used Lexus, I was able to get a GM card with the eqifax trick. Approved for two small Exxon cards, and the Toyota motor credit loan for the lexus.

    In July our home purchase closed through First Franklin who is a subprime lender, there are about 25 plus home loan lenders who will do subprime paper for those with say 620 plus scores.
    The loan is called a band-aid loan and is a 2/28 ARM. They are very common in the subprime market place. The idea being that after 2 years all our credit problems will have gone away and we will refinance through her bank, Washington Mutual, and get the best possible rate and terms, plus and employee discount of 1/4% off the rate I think?

    Our new home was a pre-foreclosure. Just as I have said I was hoping to buy in previous posts some months ago. The house by itself appraises for now probably $155K. But the reason we wanted this fixer was the inclusion of two separate future build-able lots in the rear! yes, we purchased a grant total of 3 properties. We are billed 3 separate real property Tax bills. (from credit criminals to multiple real property owners in one year! LOL). The rear lots, as-is, are not currently build-able, but there is constant pressure to build in this area of King County. Similar lots have sold for as much as $30K back 10 years ago, so it is safe to say the lots add additional $40K to overall picture. We purchased the property in 8 days with $100 deposit and total out of pocket cost to close of $850. The purchase price for all 3 properties was $118K. So you see we can suffer along with a slightly higher interest rate for 2 years, considering the property was actually 1 week from public auction for the foreclosure when we opened escrow. At any rate buying a actual house in King county, where the median price was $214K in 1998, for $118K is a difficult nut to crack.

    Thanks again to everyone who supports and posts in creditnet!

    If you are curious to find out how to buy real estate yourself without a Realtor, as we did, you might try looking here: They are somewhat similar to how credit net works, most if not all you questions regarding real esate will be answered?

    A possible source for loans is . Just login as a broker looking for a wholesaler?

  2. lsmith15

    lsmith15 Well-Known Member

    Congrats glad to see this site helping so many people keep up the good work!
  3. creditdog

    creditdog Well-Known Member

    My results are nothing compared to the KING of creditnet the Lizard man!

    I lost many battles, but won the war though.


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